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Luxury in the form of premium experiences are seeing the most action in terms of spending, while high-end goods are lagging in comparison, according to new findings from a study by Boston Consulting Group.
The key finding of BCG’s Luxe Redux report is that there has been a shift in spending habits, where 55 percent of spending comes from luxury experiences rather physical goods. In addition, experiential luxury purchases grew 50 percent faster worldwide year over year than sales of luxury goods.
There's a great quote in this article from Jean-Marc Bellaiche: “The industry has moved from ‘to have’ to ‘to be,’” he said. “To have or to own or to buy a product is now to be and to experience service and we believe that is a big trend." Marketers take note.